The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-10-28
ABOUT TO LEAVE THE FIELD
A Standard Oil Representative Says
That's What His Company Will DO.
Movements at Noblesville. However. Indicate
Another Purpose-Talk About the Board
Of Trade Gas Trust Scheme.

for the activity on the part OF gentlemen who are
interested in organizing an association on some
Kind of a popular basis to compete with the In
dianapols company, the topic would have been
mentioned only casually. But after all it is the
quietuess that precedes another outbreak, for the
DEVELOPMENTS OF to-day or tomorrow will per-
haps cause an uproar on the part of those who
are crying warfare against monopolies. 1t is
Of the peculiar features of the street and Of
fee discussions of the question that the most
violent opponents of private CONN anies invaria-
bly, close their speeches with ''the Indianapolis
company is doing just what would insist on
its doing IL was one o Z it's stockholders. Ii is
all right in business FOR it 20 get as much
for the gas as it can but
we want to have it furnished us at
our price" Yesterday one of these gentlemen
advanced this statement with II was once a
monopolist myself. 1 was officer in a COM
-pany that manufactured patent article.
which net profit OF $40 was made every
one sold We did rushing business, but the
panic came on and wrecked u.s. Had it not
been for that would be worth 81 900, 600 to-
day."
II presume you would again like to be In the
same business under like conditions was
asked
"Of course. I am not objecting to monopo-
lies when 1 have an interest in them, but what
! i I'm after now is to get natural gas at cost,
with the certainty of obtaining it for almost
nothing in the future"
While others are theorizing. the dianapolis
company is strengthening its resources. 1t has,
L IL understood, several hundred Thousand
dollars. which 1t can check out any day, and it
is liable to do il on deals Of greater magnitude
than the company ever contemplated when it
e. nwxn - 1f,~
raid yesterday: ut was urg.d in favor of the
Standard Oil Company last spring that no local
company would ever bring gas to the city, it
would be impossible to obtain tho money here.
We began prospecting a small scale The
first we'll in which we had an interest was
drilled seven miles from this city. IL did not
amount to anything. and 1t was de-
eidea $3.50, to 60 gradually in the direction ERECTION
finally enter that region for 9 base of supply.
We were still prospecting company, and it
. required argument and persuasion TO get enough
money to continue the drilling after the
initial failure at Broad Ripple When the
Harris farm we'll further showed that we
still out of q great yield of gas. our stockholders
were ready to abandon the project. However,
every one at last Clipped in a few more dollars.
The same thing occurred at Fishers Station. but
by that time 80 much money had been expended
that the company decided that il was in for a
penny IL might as well go IN for pound The
stockholders recovered their nerve and sup
could be had in the Noblesville district We
procured leases on 4, 900 acres, and have been
developing them as fast as possible"
NOW what do you intend TO dop
I'VE will not bring gas into indianapolis for
the ordinance prices The company would
rather cork mp it's wells than to do it. There
will be no more prospecting this winter by
after the we'll now being drilled the Wright
farm, near Noblesville, is completed. After that
we will wait until there is an advance in the
schedule according to the proposition the
pany made the Council committee
Colonel Payne's recent visit to the city, he
says. to dispose of the Standard oil leases
and wells On leaving. yesterday morning. he
reiterated to gentlema an that the Standard peo-
pie would not furnish Indianapolis with gas on
Standards schedule. THE Indianapolis peo-
ple." he said, ''need not look for it," The ont
come. it is thought. will be that some local
company will secure the Standards wells and
leases and be in position control the greater
part, at least OF the most valuable territory ad-
jacent to this city. If this should be the Indian
apolis company. that corporation would have, in
addition to it's original 4. 900 acres and its
wells in the Noblesville district. control of the
Gufey leases and wells and those Of the Stand
ard Such an arrangement is among the proba-
bities suggested by Colonel Payne, and what
he said while here. The Standard people. what
ever others may think in regard to the excel
leuce OF cooperative plans for the introduction
of natural gas. are not believers in them.
One of the representatives Of that trust was
cooperation or in trust certificates and that gas
could be obtained for piping, If it was possible
TO secure enough pipe for work in the spring
He did not think it could He was certain the
National Tube Works would have to sell.
as the Indianapolis com pany had an option for
all that could be furnished it within a certain
length OF time. A gentleman interested in other
works said pipe could be had anywhere for
some time unless the purchasing parties had
already signed contracts for it.
The gentlemen engaged in developing the
local trust plan for piping gas state that when
they once assured that the money can be
obtained they will have no trouble in getting
w.sy1 nv1A
essentials for . successful pipe line are within
their reach that the committee OF business men
and lawyers appointed by the committee which
the governors Of the Board OF Trade selected,
made some progress yesterday The LAWYERS
(Judge Lamb, John NJ. Butler, VIM. p. Fish
back Ferdinand Winter and w H e. Millerl
informed the business mems CONT ittee that the
plan proposed By it could be legally carried out.
The committee of business men, consisting Of
John w. Murphy, John p. Frenzel, George w.
johnson, Eli Lilly and e. G. Atkins. had de-
cided organization similar to that of the
Crown Hill association. The board of directors
10 to appoint three trustees. with whom all the
stock, which 10 to be non-transferable, Is TO be
deposited
The second provision is to pay subscribers
per cent. annually out OF their earnings the
stock they hold. A sinking fund is to be pro-
vided from which the value Of the stock is to
be eventually paid back 20 the subscriber.
After that the plant is to be turned over to the
city. in whose interest the gentlemen say they
acting It is proposed to raise anywhere
from $500 900 to ST. 900 900 by this means and
to their transactions. the trustees are to be
required to make annual reports TO the directors
The compensation of the trustees 10 to be fixed
by the Superior Court.
The manufacturers who subscribe to the stock
to get their gas at a less cost than those who
do not. 1t is proposed to begin with a FIVE cent
maximum charge per 1000 feet for this class
and then reduce it to three cents whenever prac-
ticabIe All other consumers to be furnished
gas at n uniform rate below the present sched-
ule. The company. association, has, it is
said, already 40 900 900 feet of gas AT its disposal
through the three wells of the Cooper syndicate,
which yield 10 900 900 feet: the FIVE wells of the
Capital City. with an output of 10000 600 feet;
three wells of the Broad Ripple company. which
give 5000. 900 feet aud the three wells
of the Martindale syndicate, at Greenfield,
which yield 10.000000 feet. With
these wells 60 the leases those of the Cooper
syndicate covering l. GOO acres while the Broad
Ripple and Martindale leases are for 3. 900 and
IN